To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 percent in Illinois.
According to the U.S. Bureau of Labor Statistics' Consumer Price Index, the U.S. dollar has experienced an average inflation rate of 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how Tilton home prices have performed since 2008.
Tilton historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
27
$42,000
$49,140
-
2009
18
$44,250
$51,772.50
5.4%
2010
11
$38,400
$43,776
-15.4%
2011
12
$58,000
$65,540
49.7%
2012
16
$44,950
$48,995.50
-25.2%
2013
22
$57,000
$61,560
25.6%
2014
16
$48,750
$51,675
-16.1%
2015
23
$47,000
$49,820
-3.6%
2016
44
$50,000
$52,500
5.4%
2017
39
$40,000
$40,800
-22.3%
2018
27
$42,000
$42,000
2.9%
Total change in price
-14.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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